Axis Bank has launched a home loan product with a fixed interest rate of 11.75 per cent for the entire tenure. Borrowers can take the loan for a maximum tenure of 20 years, the bank has stated in a release.
The bank’s base rate currently stands at 10 per cent currently. “Customers today are facing uncertainty about equated monthly installments on their home loans, due to interest rate increases in the market,” said the bank’s executive director, R K Bammi.
The bank would lend up to 85 per cent of the cost of the property for loans up to `20 lakhs and up to 80 per cent for loans above `20 lakhs. This follows the central bank indicating banks should introduce fixed rate loan products earlier this months. BS REPORTER RBI on Indo-Nepal remittance.
You must read the difference between fixed and floating rate difference to evaluate the correct loan requirement for an individual.
The bank’s base rate currently stands at 10 per cent currently. “Customers today are facing uncertainty about equated monthly installments on their home loans, due to interest rate increases in the market,” said the bank’s executive director, R K Bammi.
The bank would lend up to 85 per cent of the cost of the property for loans up to `20 lakhs and up to 80 per cent for loans above `20 lakhs. This follows the central bank indicating banks should introduce fixed rate loan products earlier this months. BS REPORTER RBI on Indo-Nepal remittance.
You must read the difference between fixed and floating rate difference to evaluate the correct loan requirement for an individual.
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